Peakstone Sells Greater Boston Office Campus for $85M

November 21, 2025

Office Boston Investment News More Northeast

Keurig Dr Pepper fully leases the asset.

Aerial shot of the 431,233-square-foot office and R&D campus at 53 & 63 South Ave., in Burlington, Mass. — The office campus spreads across a 6-acre site in Burlington, Mass.
*Image courtesy of Newmark*

Montana Avenue Capital Partners has acquired 53 & 63 South Ave., a two-building, 431,233-square-foot office and R&D campus in Burlington, Mass. Peakstone Realty Trust sold the two assets for a total of $84.5 million, in a transaction brokered by Newmark.

The two office buildings had been under Peakstone’s ownership since 2021, when the company bought them from CIM Group as part of a $1.25 billion portfolio transaction, according to Yardi Matrix information.

The office transaction volume in Boston amounted to $1.08 billion year-to-date as of September, according to the latest Yardi Matrix office report. Assets changed hands for $153 per square foot on average, way below the national average of $195 per square foot.

Keurig Dr Pepper’s Boston-area campus

The 6-acre campus is fully leased by Keurig Dr Pepper, serving as headquarters for its coffee branch. The company moved at the location in 2014.

The LEED Gold-certified properties feature multi-level, as well as grade-level parking with more than 1,100 spaces between them. Just off U.S. Route 3 and close to Interstate 95, the property is 14 miles northwest of downtown Boston.

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The main headquarters building, measuring 280,560 square feet, is at 53 South Ave. The six-story office low-rise has 49,000-square-foot floorplates.

Completed in two phases, in 1973 and in 2014, 63 South Ave. measures 150,673 square feet and features 75,337-square-foot floorplates across two stories, the same data provider shows. This building houses R&D and manufacturing space.

Newmark’s Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell and William Sleeper represented the seller and procured the buyer. Additionally, David Douvadjian Sr., Timothy O’Donnell, David Douvadjian Jr., Bobby Alvarado and Conor Reenstierna arranged the acquisition financing. Lastly, Tyler McGrail, Nickolas Revers, Grady Zink and Harrison Zucco provided local leasing expertise and analytical support.